Final answers must be in 4 decimal places. Analyn borrowed Php 5,000 from a bank and agreed to pay the loan at the end of 9 months. The bank discounted the loan and gave him Php 4,000 in cash. (a) What was the rate of discount? (b) What was the rate of interest? (c) What was the rate of interest for one year? Use only these formulas I=Pin F=P+I F=P+Pin F= P(1+in)

Macroeconomics: Private and Public Choice (MindTap Course List)
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ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
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Final answers must be in 4 decimal places. Analyn borrowed Php 5,000 from a bank and agreed to pay the loan at the end of 9 months. The bank discounted the loan and gave him Php 4,000 in cash. (a) What was the rate of discount? (b) What was the rate of interest? (c) What was the rate of interest for one year? Use only these formulas I=Pin F=P+I F=P+Pin F= P(1+in)
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